Military homebuyers are allowed the option of applying for VA loans, guaranteed by the federal government. Active members of the military, veterans, reservists, members of the National Guard and surviving families of military personnel can apply for VA loans when looking to invest in a new home. These loans, while guaranteed by the VA, are offered by many lenders across the nation. The benefit of the VA guaranteeing the loan ensures that a homebuyer does not require mortgage insurance or a minimum credit score.
The United States has a large number of around 23 million veterans. Therefore, it is no surprise that VA mortgages are popular. The VA loans are backed in part by the federal government just like in federal housing administration (FHA) however; they are extremely easy to qualify for as compared to FHA.